South Africa moves to regulate crypto assets

FILE PHOTO: Representations of cryptocurrencies are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration

JOHANNESBURG (Reuters) - South Africa's financial watchdog has classified cryptocurrency assets as financial products, a notice in the government gazette said on Wednesday, enabling them to be regulated.

In the brief notice, the Financial Sector Conduct Authority (FSCA) said a crypto asset, which it referred to as "a digital representation of value", must be regulated in South Africa from the date of publication.